Alphabet secures US$3.9B in Australian bonds

Alphabet, the parent company of Google, reported raising approximately $3.89 billion through its first issuance of bonds denominated in Australian dollars, as part of its plan to expand funding for investments in data centers and artificial intelligence. The issuance was divided into four tranches with maturities ranging from 3 to 20 years, with the longest tranche's coupon rate set at 6.9%. This move comes amid increasing reliance by technology companies on debt markets, with firms spending over $730 billion this year on AI projects and infrastructure, while their cash flows have diminished—Alphabet recorded its first negative cash flow in the second quarter. Alphabet has diversified its sources of funding through the issuance of US dollar bonds and bonds in various currencies, including Australian "Kangaroo" bonds, which have seen record sales approaching AU$60 billion since early 2026, aiming to diversify funding sources and reduce dependency on the US market.

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